Example Dividend Policy27 Mar 2019 23:27
Our Dividend Policy could look like this typical example - please note: THIS IS NOT OUR POLICY!
"Dividend policy:
At the end of each financial period, the board will determine an appropriate total level of ordinary dividend per share, taking into account the results for the financial year, the outlook for our major commodities, the board’s view of the long-term growth prospects of the business and the Company’s objective of maintaining a strong balance sheet. The intention is that the balance between the interim and final dividend is weighted to the final dividend.
The board expects total cash returns to shareholders over the longer term to be in a range of 40 to 60 per cent of underlying earnings in aggregate through the cycle.
The board is committed to maintaining an appropriate balance between cash returns to shareholders and investment in the business, with the intention of maximising shareholder value.
Acknowledging the cyclical nature of the industry, in periods of strong earnings and cash generation, it is the board’s intention to supplement the ordinary dividends with additional returns to shareholders.
Dividend determination:
The majority of our sales are transacted in US dollars, making this the most appropriate measure for our global business performance. It is our main reporting currency and consequently the natural currency for dividend determination. Dividends determined in US dollars are translated at exchange rates prevailing one day prior to the declaration and payable in sterling by ***** plc.
On request, shareholders of ***** plc can elect to receive dividends in US Dollars or South African Rand, and ***** Limited shareholders can elect to receive dividends in sterling. If such an election is made, the dividend amounts received will be calculated by converting the declared dividend using the exchange rates applicable to sterling and US dollars or SA Rand five days prior to the dividend payment date."
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